MOOSE JAW —Canadian farmers had a great year in 2023, putting almost $100 billion into bank accounts.
A 13.7 per cent increase in realized net farm income, the highest in five years, was driven by higher crop marketings and higher livestock prices, according to Statistics Canada.
Farm cash receipts rose to $99.4 billion. Livestock receipts rose by $3.2 billion, buoyed by lower herd numbers and higher demand.
High crop marketing saw crop receipts up by $1.7 billion.
Saskatchewan led the increase in receipts at $1.6 billion for $13.885 billion while Alberta was second at $1.1 billion.
The net income gain followed a 5.3 per cent drop of $845 million in 2022 and a 71 per cent gain in 2021.
Profit margin improved with some expenses and fell from others experiencing a 3.4 per cent increase in costs.
Interest expenses were up 38.7 per cent for the highest level since the early 1980s. Debt levels were up 4.1 per cent.
Prices to buy livestock and poultry were up 38.2 per cent while fertilizer prices fell 13.9 per cent. Fuel costs fell 13.2 per cent.
Saskatchewan was the only province with reduced expenses — by .7 per cent.
Farm cash receipts for the first nine months of 2024 tell a different story.
Canadian farm cash receipts of $70.6 billion were down three per cent by $2.2 billion with Saskatchewan accounting for $1.5 billion, over two-thirds of the lost income.
Wheat receipts were down $1.1 billion, Canola income was down $1 billion and durum wheat was down $594 million.
Wheat and canola prices had fallen 21 per cent.
A strong livestock sector with a 6.3 per cent gain kept income up.
Cattle receipt gains were $1.1 billion.
Ron Walter can be reached at [email protected] -30
